Tesla shares bounce 6% after first-quarter gross sales surge

Tesla shares jumped greater than 6% on the opening bell on Monday, as traders cheered manufacturing and supply figures that broadly beat expectations.

Tesla on Friday reported that it delivered 184,800 autos and produced 180,338 vehicles within the first quarter of 2021. Analysts have been anticipating the corporate to ship round 168,000 autos throughout this era, in response to estimates compiled by FactSet as of April 1.

It was a record-beating quarter, topping the 180,570 deliveries the corporate recorded within the fourth quarter of final 12 months.

In a be aware on Sunday, Wedbush analyst Daniel Ives upgraded Tesla shares to outperform and raised its 12-month goal value for the corporate to $1,000 from $950.

“In our opinion, the 1Q supply numbers launched on Friday was a paradigm changer and exhibits that the pent-up demand globally for Tesla’s Mannequin 3/Y is hitting its subsequent stage of progress as a part of a world inexperienced tidal wave underway,” Ives wrote. “We now imagine Tesla might exceed 850k deliveries for the 12 months with 900k a stretch aim, regardless of the chip scarcity and varied provide chain points lingering throughout the auto sector.”

A submitting in February confirmed that Tesla’s gross sales in China greater than doubled final 12 months amid the coronavirus pandemic. The electrical automobile maker’s gross sales in China got here in at $6.66 billion — round a fifth of the corporate’s $31.54 billion revenues.

Regardless of a bumper 2020, it has been a troublesome 12 months for Tesla inventory, with shares down over 9% in 2021.

—CNBC’s Lora Kolodny contributed to this report.

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